>>>NordLB gets takeover offer from Commerzbank - report (translated)

NordLB gets takeover offer from Commerzbank - report (translated)
24 OCT 2018
NordLB, the German regional bank, has attracted a bid from the listed German bank Commerzbank [ETR:CBK], Handelsblatt reported.
The German-language article, without identifying sources, said Commerzbank has submitted a non-binding offer to take over NordLB.
The report said a possible takeover by Commerzbank would be a third scenario for the future of NordLB, besides two that have already been discussed: an entry by financial investors and a merger with another German regional bank, Helaba.
Hannover-based NordLB is said to need fresh capital of up to EUR 3.5bn, the report noted. Its majority owner, the German state of Niedersachsen, has stated its readiness to accept new capital into the bank under certain conditions, and numerous parties have expressed interest, according to the article.
The report cited its sources as saying that six potential bidders have been picked and are currently examining NordLB's books. It said these are thought to be Commerzbank, Helaba, and four financial investors that supposedly include Cerberus and Apollo.
Handelsblatt learned that the interested parties have until 28 November to put forward binding bids.
The report added that in parallel with this process, NordLB is thought to be considering whether to sell off its nonperforming shipping loans. According to the report, interest in such a deal has come from the investment firms Cerberus, Apollo and Socrates.
While Niedersachsen presently holds a stake of almost 60% in NordLB, local savings banks (Sparkassen) have 35% while the state of Sachsen-Anhalt has almost 6%.
Should Commerzbank be the successful suitor, the article said, it is thought possible that the existing owners will exit. In the event of a deal with Helaba, the present shareholders are expected to remain, eventually holding minority control in a merged entity, the report added.